The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, marking the newest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it signed a long-term agreement giving the streaming service the unique international license to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the show will be viewable live and for free on the digital platform.
It's a further substantial shakeup in Hollywood, which is dealing with company buyouts and fusions, coupled with severe production cuts.
"The Academy is an international organization, and this alliance will enable us to expand access to the activities of the Academy to the largest worldwide audience attainable - which will be advantageous for our membership and the movie industry," remarked Academy leadership in a announcement.
Throughout a long period, viewership of the awards show have fallen, though there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from mobile devices and computers.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "among our fundamental cultural touchstones" and noted that partnering with the Academy would "inspire a new generation of creativity and film lovers while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will still host.
This decision coincides with film industry giants confront challenging merger discussions. Both options were considered problematic for an industry that has witnessed severe reductions over the past several years.
Like major studios, cable networks have struggled as the viewers has chosen on-demand video instead.
The platform securing broadcasting rights to the Academy Awards further suggests that reliance on streaming sites will continue to grow.
